Investors will on Friday keep track of the release of key macroeconomic data -- February IIP (Index of Industrial Production) and CPI (Consumer Price Index) for the month of March, both of which will be released on Friday, and the announcement of March quarter earnings by Tata Consultancy Services (TCS) and Infosys.
Apart from these factors, the investors will also track closely stock-specific action, movement of rupee against the US dollar, oil prices and FII inflows.
On the global front, filings for US unemployment benefits unexpectedly dropped, falling to the lowest level since October 1969 and suggesting little sign of cooling in a tight labor market. Jobless claims decreased to 196,000 in the week ended April 6, US Labor Department figures showed Thursday.
Asian shares were flat and US Treasury yields pulled back on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan was barely higher, up 0.03 per cent.
Higher Chinese iron ore prices helped Australian shares outpace regional markets, pushing Australia’s S&P/ASX 200 index up 0.7 per cent. Japan’s Nikkei stock index gained 0.1 per cent.
Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by US sanctions on petroleum exporters Iran and Venezuela.
STOCKS IN FOCUS
March corporate earnings: TCS and Infosys. Apart from the two IT giants, Alpha Hi-Tech Fuel, Ashika Credit Capital, Gangotri Textiles, GTPL Hathway, Integrated Capital Services, Infomedia Press, Minal Industries, Mold-Tek Technologies, and Tinplate Company of India will also report their performance in the quarter.
IDBI Bank has reduced its lending rates by 5 basis points for most of the tenors, effective Friday.
Prabhat Dairy sells shareholding in wholly owned step down subsidiary Sunfresh Agro Industries Private Limited (SAIPL) to Tirumala Milk Products Private Limited.
Jet Airways: Etihad Airways submits an expression of interest to acquire up to 49 per cent. Moroever, the airline Thursday cancelled all international operations along with several domestic flights.
Dewan Housing Finance: Brickwork downgrades ratings of the company across various instruments amounting to Rs 56,550 crore as ‘BWR double A Minus’ (Credit with Negative Implication)-‘Downgraded’.
HT Media acquires 14.18 per cent stake in Next Mediaworks.